Federal agencies report that crypto miners in the U.S. consume up to 2.3% of the country's total electricity, comparable to the energy use of New York City. This significant consumption is primarily sourced from regional grids, resulting in infrastructure strain.
In some areas, this heavy demand leads to a 5% rise in electricity rates for local residents. Environmental groups are concerned about the increased greenhouse gas emissions due to the additional power required for crypto mining.
To mitigate these impacts, several states are implementing restrictions or imposing extra taxes on mining activities. In response, crypto mining companies are exploring alternative energy options, with a focus on renewable sources, to lower both costs and environmental impact.
